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How Do I Get the $16728 Social Security Bonus?
Inflation may pose challenges for retirees with fixed incomes. Fortunately, Social Security payments, funded by American taxpayers, are adjusted annually for inflation through the cost-of-living adjustment (COLA).
Beneficiaries are currently seeking information on how to receive the $16,728 Social Security benefit. Retirees do not receive a literal “bonus.” Instead, the Social Security Administration (SSA) calculates benefits based on your lifetime earnings.
Conversely, delaying payments until age 70 could potentially increase yearly benefits by $16,728. For detailed information on how to obtain the $16,728 Social Security benefit, we encourage you to read this post.
How to Maximize Social Security Bonus?
To increase the amount you qualify for, there are strategies to create your own bonus. Here are some steps to follow:
Extend the Duration of Your Employment
Your Social Security payments are calculated based on your highest 35 years of earnings. Years with little or no income are also factored into the computation, potentially reducing your qualifying amount. The SSA adjusts your Social Security benefit calculation by replacing years of zero or low earnings with each additional year you work. This adjustment can lead to a higher benefit amount for you.
Boost your income
Another strategy to boost your income is to negotiate a raise every two or three years. Changing employers during your career is also a method to demonstrate your value and increase your earnings. Calculations indicate that an additional $100 per week could result in an annual increase of $5,000. This could potentially enhance your future Social Security benefits.
Await Collecting at Age 70
You can start receiving Social Security benefits at age sixty-two. However, delaying until later can result in a larger retirement package. Waiting until you’re 70 ensures you receive your full benefit amount, with an increase of approximately 8% for each year you delay beyond full retirement age (up to age 70). Factoring in inflation, retirement payments at age 70 are 76% higher than those received at age 62.
We sincerely hope that these strategies will assist you in maximizing your retirement pensions and thereby creating a personalized bonus for yourself.
Social Security Payments Application Process
The process of applying for US Social Security benefits differs depending on your citizenship. US citizens can apply for Social Security benefits online, over the phone, or in person at a local office.
Process of Online Applications
The application process can be easily and conveniently completed online. This is a great option for individuals residing overseas or unable to visit a local office, as it allows applicants to complete their paperwork from any location.
Getting a Non-Citizen Social Security Number
The initial step for non-US citizens to receive social security benefits is acquiring an authorized work permit in the US, which enables them to obtain their own Social Security number (SSN). After obtaining the SSN, non-citizens must provide documentation of their identification and immigration status to qualify for benefits.
Concluding Words
Utilize The Senior Citizens League’s (TSCL) projected 3.2% increase to estimate your Social Security benefits for 2024, without needing to wait until then for the recent COLA adjustment.
According to the latest estimate by TSCL, the average Social Security payout for seniors will rise from $1,790 to $1,847.30. TSCL points out that while this increase is lower than the 8.7% rise in the previous year due to slower inflation, it exceeds the 2.6% average over the past 20 years.
We are grateful for the opportunity to assist you in understanding how to obtain the $16,728 Social Security bonus.